Mono raises US$15 million in Series A funding round

Barely five months following the completion of its US$2 million seed investment, Mono, a leading open banking platform based in Africa has completed another US$15 million Series A round to reinforce its stance as a key driver of the digital economy on the continent.

The funding round was led by Tiger Global and also drew commitments from Target Global, General catalyst, and SBI Investments. Some of the firm’s returning backers also took part in the effort, including Acuity,Entrée, GPIC, Ingressive, and Lateral Capital.

This latest round brings the total financing acquired by Mono so far to US$17.6 million.

Launched in 2020 by Abdulhamid Hassan and Prakhar Singh, mono provides support to digital businesses in Africa, aiding their access to their customers’ financial accounts for data and remittance purposes.

Over half of Africa’s population is either unbanked or greatly underserved as far as financial services are concerned. Mono, through its open banking platform, seeks a financial ecosystem where open APIs are leveraged to make access to information a lot more seamless. 

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